Harper Government Announces Results of Investment Canada Act Review of Target

OTTAWA, July 6, 2012 /CNW/ - The Honourable James Moore, Minister of Canadian Heritage and Official Languages, today announced that Target has been granted approval under the Investment Canada Act to sell cultural products in its Canadian stores. Target's new investment in Canada's economy will create over 20,000 new jobs across the country and will include the commitment to sell uniquely Canadian cultural products in its Canadian stores.

"Our Government is committed to strengthening Canada's economy in all sectors, especially arts and culture," said Minister Moore. "Target's investment in Canada's economy shows our plan is working and will be of great benefit to Canadian workers, Canadian consumers, and their families."

Target has committed to invest more than $3.5 billion in capital investment in Canada. The Government's approval was also based on commitments made by Target, which include:

  • employment of 100 to 200 people at each store, which means the creation of 20,000 to 25,000 jobs in Canada by 2015;
  • the availability and promotion of Canadian cultural products;
  • the participation of Canadians in the business; and
  • support for Canadian cultural events and organizations.

On March 27, 2012, the Government of Canada ordered a review to determine if the investment by Target would be of net benefit to Canada. Under the Investment Canada Act, all reviews and approvals of investments in the cultural sector are the responsibility of the Minister of Canadian Heritage.

SOURCE Canadian Heritage

For further information:

For more information (media only), please contact:

Sébastien Gariépy
Press Secretary
Office of the Minister of Canadian Heritage
and Official Languages

Media Relations
Canadian Heritage

(This news release is available on the Internet at www.canadianheritage.gc.ca under Newsroom.)

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